Save your estate to your heirs avoid inheritance

All properties must go through the registration process. The Bankruptcy Court is the judicial process to determine if a will is valid, since any qualified debt and property taxes, and distribute all assets remain.

It is potentially a very complicated legal process, and a solicitor must be involved in any estate planning.

Using these strategies to help you plan your property to avoid some common challenges in the succession process and save money: 

1. Have a valid will. Probate can last up to a year in many cases; typically this is due to a protracted process of validating the will. Probate is a legal process, so the longer it takes, the more money the attorneys make. Be sure to draw up your will with an attorney and review it annually for anything that needs to be addressed.

2. Avoid having your assets pass through probate.

  • Create one or more trusts. Assets and property within a properly drafted trust avoid the probate process. They are simply transferred to the beneficiaries of the trust. This also has the effect of providing greater protection of the assets from creditors.
  • Name beneficiaries for your 401(k) account. This will allow the account to avoid having to pass through the probate process. Again, this can provide protection from creditors.
  • Name beneficiaries for your IRA. As with the 401(k), naming at least one beneficiary will avoid probate and can shield the assets from creditors. Just call your IRA firm and they can help you out.
  • Name beneficiaries on your life insurance policies. This is the same situation as above. If you don't name a beneficiary, then the proceeds are simply paid to your estate and must pass through probate, increasing the attorney's fees. Be sure to name your beneficiaries!
  • Own Assets Jointly. This can include almost anything: real estate, vehicles, stocks, and more. A jointly owned asset is passed onto the survivor automatically.
  1. Your bank account can have a paid-on-death designation (P.O.D.), and brokerage accounts can have a transfer-on-death (T.O.D.) designation, allowing ownership of the accounts to pass directly to the beneficiaries upon your death.
  • Give it away: You can gift your assets to anyone you choose, each year, up to a specific amount, tax-free. As of 2011, you can give as many people as you want a gift up to $13,000 without having to worry about paying taxes on the gift.
  1. Also, the tax only kicks in after you have gifted a total of $1 million over your lifetime. Any gifts that do not exceed $13,000 do not count towards the $1 million limit. Interestingly, it is the gift-giver that is responsible for paying the tax, if any.
  2. This reduces the amount of your estate and will lower the probate costs, since they are typically based upon the total value of the estate. See your tax preparer for more information.

Except in certain circumstances, the funds, which can avoid probate fees remain subject to federal property, including the activities of a living trust. Good inheritance tax solicitor can guide you the maze in order to influence the family, the costs of succession as possible.

The real enemies of the approval process are the lack of planning and non-use of all available options. After having prepared you will have to eliminate the amount of time your property goes through the approval process. In the legal world, time is very expensive. You do not want lawyers to get their money instead of your heirs.

As you plan your estate with adequate financial and legal professionals, you can maximize the size of your estate to your family, friends and charities. The alternative is unfortunate is that most of your estate to your creditors, several lawyers and judges.

Five Upgrades Your Renters Really Want To Consider

Because an owner, you must protect your investment earnings to attract and retain high-quality, long term tenants. To do this, it is important to ensure that the property is updated with all, or at least some of the amenity tenants wish to have in their homes.

The renovation, the focus of these most-desired home features that will help attract and retain quality tenants:

1. Wood Flooring.

If you have quality wood flooring in your rental property, you're already ahead of the game simply because wood floors make such a big impact.

Of course, authentic wood flooring would be the ideal choice. This can cost between $3.00 per sq. ft. for maple flooring up to $8.50 per sq. ft. for Brazilian wood.

Laminate plank flooring gives the same look for a fraction of the cost. It can cost as little as $0.89 per sq. ft. from flooring outlets such as or

2. Updated kitchen and bathroom.

Every room in the house is important, but an updated kitchen and bathroom will make renters go gaga over your unit! Indulge in a tiled backsplash, and updated countertops and cabinets and you're sure to wow prospective renters.

A tiled backsplash can cost anywhere from $250 to over $1,000 depending on the type of tile you choose. For an inexpensive fix, choose white subway tile – a tried and true favorite amongst renters. Or if your budget allows, spring for a mosaic glass tile backsplash.

Placing granite in a rental may be a waste. Unless you're charging above market rent, you're unlikely to make your money back in a timely fashion. However, you can give your renters the feel of granite by using a granite countertop paint kit or laminate from Lowes.

3. Spring for molding.

Molding can make any home seem luxurious and finely detailed. And while molding can cost quite a bit of money, if you're willing to install the molding yourself you'll be able to save quite a bit.

When in doubt, always choose crown molding. Other popular molding options are wainscoting and chair rail. If possible, also add molding to your doorways and over windows to create a cohesive look.

If you're on a tight budget, opt for faux crown molding. The material is often plastic or faux wood, but the effect is still much the same. Chances are your renters aren't going to climb onto a ladder just to touch the crown molding.

4. Spacious Closets.

In terms of storage, renters are no different than homebuyers – they always need more storage space. If you can, move a wall back a few feet to make a walk-in closet in the bedroom. Or, at the very least, install a shelving system in the bedroom closets in order to make the closet space clearly defined and useable.

You can create your own closet system by simply installing a double-up adjustable closet rod (creates an adjustable 2nd rod) for about $10. Installing several shelves and a shoe rack will also do wonders for storage space.

All in all, this project should cost you less than $100 and the response you'll receive from renters will be worth the minor investment.

5. Get rid of the brass.

Brass finishes scream "80s' and unattended" to renters. It shows that the property has not been brought into the modern times, and therefore not worth paying premium rent to live in.

Replace brass doorknockers, doorknobs, lighting fixtures, and cabinet handles/knobs with pewter or brushed nickel finishes. It's such a small update but it makes a big difference in how the unit is perceived by prospective tenants.

Only one or two above updates immediately increased the aesthetic of the rental property. However, if the updates are implemented together, the results are astronomical: I not merely will that increase the appeal of the tenants, but also increases the value of the property.

3 safe investments moderate to high yield

The investment can be a little scary for most people – especially if your income is limited durable. As you know, all investments have an element of risk, but it is prudent to seek opportunities to minimize risk while obtaining a reasonable return.

The real key to making a safe investment is by investing in a time of a testing "top dog", where the ROI is moderate to high.

Consider these types of investments for your portfolio:

1.Bonds. Bonds are a safer investment than stocks. This is because a stock is an investment without a guaranteed return, while a bond is similar to a loan and has a promised return, plus interest.

  • There is a difference between promised and guaranteed. No investment can be guaranteed but with bonds, you know what to expect. Look for investments with a low probability of default (the chance that the company would close its doors or file bankruptcy).
  • Bonds are generally paid back to you by the end of the year. However, the terms can be different for each agreement.
  • The larger the bond, the larger the profit. But remember, you're always going to make more money on a higher interest bond. So, you may be better off investing your funds in one high interest bond rather than two lower interest bonds.

2.Stocks. As mentioned, stocks can be risky but, in order to earn a high return, some level of risk must be involved. You can minimize your risks by choosing one of the safer stocks (such as constantly thriving defensive stocks) to invest in.

·    Companies, such as Pepsi (PEP), McDonalds (MCD), The Procter & Gamble Company (PG), Johnson & Johnson (JNJ) and Wal-Mart Stores Inc. (WMT) are some of the safer choices in the stock market. These companies also place a high value on shareholder satisfaction.

  • Investing in defensive stocks, which are reliable and have proven their longevity and profitability, allows you a small blanket of security that you wouldn't get investing in the newest, hottest companies, which can tank at any moment.
  • Keep in mind, when investing in stocks, there are no 100% safe choices, but you can minimize your risk by buying stocks of a time-tested and profitable company. Or spread out your risk by investing in profitable, long-standing mutual funds where your return is based on a portion of a whole portfolio of stocks.
  • Stocks are a better choice for your long-term financial planning goals. If you're a cautious investor, look for a long-standing solid company to invest in.

3.    Multi-family real estate. Now is a great time to invest in a multi-family dwelling. Due to the housing meltdown, there are many multi-family units priced to move quickly.

  • A multi-family dwelling is a safer investment than a single-family home because you're able to retain more tenants. Therefore, if one tenant decides to leave at the end of their lease, you still have other tenants set up in other units that are still generating income.
  • Multi-family dwellings are more profitable than single-family homes. For example, if you have three 2-bedroom units renting for $700 each per month, you're bringing in $2,100 per month. As opposed to the one, smaller income from just one tenant.

Develop an investment strategy requires patience and an honest assessment of your risk appetite. Real Estate Investing has always been a popular investment. Owning a multi-unit occupancy rental property guarantees a monthly return, as long as you budget for maintenance and other incidental expenses.

The bonds are safe but have the lowest performance. However, some hidden gems on the market offer above the high interest rate. Stocks offer higher performance, but performance is not guaranteed and face a higher risk.

A smart strategy is to diversify your risk and return through a diversified portfolio of investments, some with less risk and others with moderate risk. Only go after high-risk investments if you have money to burn! This strategy allows you to enjoy consistently positive returns over the years.

Save home buyers closing costs

A number of costs that will soon become important when you buy a home buyer closing cost. Closing costs are charges involved in the sales transaction. Typically, these costs are carried by 2-4 per cent of the selling price, but varies according to a geographic location and individual situation.

While the loan can be a real impediment to a successful home purchase, the closing costs can be a major factor as well. Many home buyers just accept the inevitable cost of purchasing these at home, but there are things you can do to alleviate many of these costs.

Many new home owners too intimidated by the bewildering array of expenses, but the process of understanding this can help reduce costs.

There are 2 types of closing costs, recurring and non-recurring.

Non-Recurring Closing Costs

·    Title insurance
·    Title Search
·    Recording Fees
·    Appraisal Fees
·    Endorsements
·    Credit Check
·    Attorney Fees
·    Document Preparation
·    Transfer Fees
·    Escrow Fees
·    Notary Fees
·    Wire Fees
·    Courier Fees
·    Home Inspection
Recurring Closing Costs

·    Private Mortgage Insurance
·    Flood Insurance
·    Property Tax
·    Fire Insurance

Tips to Lower Buyer Closing Costs

1. Shop title companies. Title companies do not all charge the same rates. The title insurance, title search and recording fees can vary from one Title Company to another. Some realtors will insist on using their title company, but you're the one paying the fees. That means you can choose your title company. Tell your realtor she can choose the Title Company if she pays the costs.

2. Compare appraisal fees. You can choose the appraiser; again, you're going to be the one paying for it. Call around and shop for a less expensive appraiser.

3. Evaluate several home inspection services. Just as with the appraisal cost, you can shop around for the least expensive inspector as well.

4. Consolidate your insurance. You should be able to get a lower insurance premium if you get all your insurance from one carrier. This means that one company will insure your home, car, and any other insurance policies you have.

5. Avoid pre-paid interest. By closing on the last day of the month, you can frequently avoid having to pre-pay any interest.

6. Negotiate your best deal on the house. Points paid to the lender are a percentage of the loan amount and reduce your interest rate. By getting a great deal on the house, the cost of the points will be considerably less.

7. Get the seller to help you. It's not uncommon for a buyer's offer to include stipulations that the seller will contribute to the buyer's closing costs. Your offer could include the seller contributing a set amount towards the closing costs or paying for specific costs. You may have to offer a little more for the property to get the seller to agree, but you never know unless you ask.

  • Raising your offer to get the seller to pay for all or a portion of the closing costs allows you to finance the costs over the length of the mortgage. This will cost more long-term, but won't require as much money at closing.

Purchasing a house is always an expensive bid. By making the necessary steps, you can significantly reduce your closing costs. Hearing, everything can be negotiated, and if the seller will help you out. Shop around for the best prices on the various fees that is typically the responsibility of the buyer pays.

By reducing the closing costs, you cannot  just get a new home, but some of the new devices will be money!